The Brazilian fintech RecargaPay announced that it has the green light from the country’s Central Bank to operate as a payment institution in the electronic money issuer modality, which allows an institution to manage prepaid payment accounts.
The license allows the platform to access other systems of the national financial system, as well as expanding its services. Payment institutions make it possible to make payments independently of relationships with banks and other financial institutions.
“With a solid business and a strong product, we are already helping thousands of Brazilians and, with this authorization from the Central Bank, we want to expand our offer even more. The license is yet another milestone that reinforces our growth and commitment to using technology as a financial enabler for the population,” comments the COO and co-founder of RecargaPay, Gustavo Victorica.
According to the executive, the platform intends to further integrate the other areas of its ecosystem, such as PIX (Brazil’s instant transfer system), bill payment, gift cards, and many others, to offer customers a complete financial experience.
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RecargaPay is a financial ecosystem where, among its offers, it is possible for customers to pay their bills with the possibility of payment in installments, make transactions with PIX, or even apply for loans via partner financial institutions.
Focused on offering an affordable service, the company started in the recharge market and is expanding its platform to meet the financial needs of all Brazilians.
